North Carolina’s Apartment Market Continues to Boom

NC Continues to be one of the Hottest Apartment Markets in the Country

  •  Greensboro/Winston Salem: #1 Market with Largest Increase in Occupancy

  • Raleigh Durham: #4 Market for Rent Growth

  • Greensboro/Winston Salem: #9 Market for Rent Growth 

  • Charlotte/Concord/Gastonia: #10 Market for Rent Growth

  • Wilmington: #2 Small Market for Rent Growth

  • Charlotte/Concord/Gastonia: #4 Multifamily Construction Permits  

    According to Real Page, Inc -

North Carolina’s Fast-Growth Population Trend continues

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Where Housing Units Are Changing

US Census

The North Carolina apartment market continues to benefit from the state’s population increase, the low supply of apartments in the state and the increasing demand for apartment living. 

Percentage of Apartment Units Built Between 1980-2019

  • North Carolina – 74% of units built since 1980

  • Virginia – 60% units built since 1980

  • Ohio – 42% units built since 1980

  • Pennsylvania – 36% units built since 1980

  • New York – 21% units built since 1980

In comparison to other states, the majority of North Carolina apartment units have been built within the last 40 years. While newer apartments demand higher rents they are also more energy efficient, better constructed, more environmentally friendly and considerably safer from fires/natural disasters. 

$47.7 Million Contributed Daily to the Economy

The apartment growth in North Carolina is an overall benefit. While only 9% of the state’s population live in an apartment (nationwide 12%), the industry has an economic impact of $17.4b annually which equates to a $47.7m daily. The high density nature of apartment housing also creates a lower cost burden to municipalities when providing city and county services.

NAA and NMHC data: - Click Image For Additional NC Data.

NAA and NMHC data: - Click Image For Additional NC Data.

For information, data or presentations on the economic and social benefits of Apartment Communities and the need for New Apartment Developments: Contact Us.

Bryan Holladay